There really isn't a recommended age for life insurance. The best time to buy life insurance is during a major life change, marriage, the birth of a child, buying a home, etc. Health insurance is something that no one should be without. I think everyone should have health insurance coverage. No one should be without.
Age is not the criteria. If you are the only earning member & there are people dependant on you, only then you require insurance. Another thing, purpose of insursnce is not investment. The thing to consider is what your dependants will get in case you die & not how much you will get back in case you survive. The thing to consider is 'Adequate Risk Cover'. 'Adequate Risk Cover' is different for different families. Factors to be considered in order to figure out how much insurance you need: 1. No. of dependants – Higher the no. of non-earning dependants, higher is the insurance need. 2. Future expenses – They are usually education and marriages. No. of children will determine this expense. 3. Debt – If you have borrowed for buying a home, your survivor has to repay it. 4. Your present financial position – If you are very rich than you will require very little risk cover.
Well, you should get yourself health insurance as soon as you can. As for life insurance, that i think you really need to invest in if you have dependents. With both, shop around and ask lots of questions so that you get more than adequate cover.
